Tips for Older Americans to Avoid Filing for Bankruptcy

Medical debt is currently the main cause of personal bankruptcy filings in the United States, and people who are 65 or older comprise approximately 8% of the individuals who file for bankruptcy. There are several reasons why this age group has high levels of medical debt including that the 2008 recession impacted this group significantly and wives who are most often outliving their husbands. Older individuals often also face predatory debt collectors. While bankruptcy is often an option for starting over financially, older clients also see bankruptcy as an opportunity to make themselves happy again. In addition to being complicated, filing for bankruptcy can be an embarrassing process for many older adults. This article will review some of the important tips that an older adult in Oklahoma can take to avoid filing for bankruptcy. Contact Your Creditors A person might be able to negotiate a repayment plan with creditors. As a result, it is often important to contact a supervisor at each company to which you owe money as soon as you notice debts. Providing detailed notes about who you spoke to and what time the conversation occurred can later help in various steps of the repayment process. Decide on [...]